<div class="flex-shrink-0 flex flex-col relative items-end">
 <div class="pt-0">
  <div class="gizmo-bot-avatar flex h-8 w-8 items-center justify-center overflow-hidden rounded-full">
   <h4 class="relative p-1 rounded-sm flex items-center justify-center bg-token-main-surface-primary text-token-text-primary h-8 w-8"><strong>Despite the team’s efforts, finding an economically viable path forward is no longer feasible.</strong></h4>
   <div class="relative p-1 rounded-sm flex items-center justify-center bg-token-main-surface-primary text-token-text-primary h-8 w-8">
    Consequently, the decision has been made to discontinue operations. Let’s discover more about this situation from the ZKX protocol.
   </div>
  </div>
 </div>
</div>
<div class="group/conversation-turn relative flex w-full min-w-0 flex-col agent-turn">
 <div class="flex-col gap-1 md:gap-3">
  <div class="flex flex-grow flex-col max-w-full">
   <div class="min-h-[20px] text-message flex w-full flex-col items-end gap-2 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto" dir="auto" data-message-author-role="assistant" data-message-id="303c06a1-fef9-4548-a3d3-71a841e61524">
    <div class="flex w-full flex-col gap-1 empty:hidden first:pt-[3px]">
     <div class="markdown prose w-full break-words dark:prose-invert light">
      <h5><strong>ZKX Protocol Faces Financial Viability Challenges</strong></h5>
     </div>
    </div>
   </div>
  </div>
 </div>
</div>
<p>Effective immediately, all markets on the <a href="https://zkx.fi/" target="_blank" rel="noopener noreferrer nofollow">ZKX platform</a> have been delisted, and all active positions have been closed. Users can expect a full return of their funds to their respective trading accounts. For those looking to manage their assets, the process is straightforward. This means that users can transfer funds from their trading accounts to their main self-custodial accounts.</p>
<p>These self-custodial ZKX accounts are wallets on the Starknet blockchain. They allow users to withdraw their assets through the <a href="https://docs.zkx.fi/zkx-docs/basic-architecture/starkway-native-bridge" target="_blank" rel="noopener noreferrer nofollow">Starkway bridge</a> back to Layer 1 (L1) at their convenience. Here is the tweet of its CEO:</p>
<p><img fetchpriority="high" decoding="async" class="wp-image-147043 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/dfssdsdsgd-201x300.png" alt="" width="388" height="579" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/dfssdsdsgd-201x300.png 201w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/dfssdsdsgd-281x420.png 281w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/dfssdsdsgd.png 402w" sizes="(max-width: 388px) 100vw, 388px"></p>
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/0xEduard/status/1818206251089551810" target="_blank" rel="noopener noreferrer nofollow">X</a></strong></h6>
<p>The sunset period for ZKX will last until the end of August. During this time, users are strongly encouraged to withdraw their funds and claim any pending STRK rewards through the ZKX application available at <a href="https://app.zkx.fi" target="_blank" rel="noopener noreferrer nofollow">app.zkx.fi</a>. The vesting and distribution of ZKX tokens will continue beyond the sunset period, starting September 1st.</p>
<h5><strong>More About ZKX Protocol</strong></h5>
<p>The decision to discontinue the ZKX protocol has been driven by several critical factors. User engagement has been notably low, with only a small number of individuals actively mining <a href="https://www.coingecko.com/en/coins/starknet" target="_blank" rel="noopener noreferrer nofollow">STRK</a> and <a href="https://www.coingecko.com/en/coins/zkx" target="_blank" rel="noopener noreferrer nofollow">ZKX</a> rewards. This lack of engagement has led to a significant decline in trading volumes. This, with daily revenue, fails to cover even a fraction of the cloud server expenses. The financial shortfall has made it impossible to sustain salaries and other operational costs.</p>
<p><img decoding="async" class="wp-image-147045 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vdfgfd-176x300.jpg" alt="" width="373" height="635" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vdfgfd-176x300.jpg 176w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vdfgfd-247x420.jpg 247w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vdfgfd.jpg 319w" sizes="(max-width: 373px) 100vw, 373px"></p>
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/search?q=ZKX%20Protocol&amp;src=typed_query" target="_blank" rel="noopener noreferrer nofollow">X</a></strong></h6>
<p>The financial challenges have been exacerbated by high monthly payments and rebates required for market-makers. These costs have consistently outstripped revenue, and with anticipated increases in payments starting in August, the situation became untenable. Despite the market-makers best efforts to balance the budget, the protocol’s financial model proved unsustainable in the long run.</p>
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener noreferrer nofollow"><img decoding="async" class="aligncenter wp-image-124240" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg" sizes="(max-width: 714px) 100vw, 714px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1.jpg 1197w" alt="Coins" width="714" height="88"></a></p>
<div class="youtube-embed" data-video_id="chRPUKV8OZY"><iframe title="FACE MELTING 300% Rise | Cardano ADA Solana SOL Toncoin Ton" width="696" height="392" src="https://www.youtube.com/embed/chRPUKV8OZY?feature=oembed&amp;enablejsapi=1" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/zkx-protocol-to-discontinue-operations-amid-financial-struggles/" rel="noopener noreferrer nofollow">ZKX Protocol to Discontinue Operations Amid Financial Struggles</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

ZKX Protocol to Discontinue Operations Amid Financial Struggles

Altcoin Buzz

Outros artigos publicados em 31 de jul. de 2024

Bonk Faces Price Fluctuations

BTCC Exchange Organizes Successful AMA with Crypto Empire on Reaching 13 Years of Safe Operating ...

‘Magnificent seven’ stocks shed $2.6T in lead-up to busy earnings week

Ethereum Enthusiasm Skyrockets: Discover the Key Drivers Behind Its Surging Interest

Starknet's ZKX Protocol Shuts Down Due to Low Use

Shining a Light on the Best Crypto Coin Presales with 10% USDC alongside Worldcoin

Join our free newsletter for daily crypto updates!